39192 - Ashesi University II

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Summary of Investment Information

Project Number

39192

Company Name

ASHESI UNIVERSITY COLLEGE

Date SPI Disclosed

Mar 14, 2017

Country

Ghana

Region

Africa

Projected Board Date

May 15, 2017

Environmental Category

B - Limited

Status

Active

Last Updated Date

Feb 1, 2018

Department

Regional Industry - MAS Africa

Industry

Health, Education and Life Sciences

Previous Events

Approved : May 19, 2017
Signed : Jul 3, 2017
Invested : Jan 30, 2018

Sector

Colleges, Universities, and Professional Schools

Project Description

Ashesi University College (“Ashesi”) is a private not-for-profit liberal arts college in Accra, Ghana with a current student body of 800 students focused on providing quality education and promoting ethics and personal empowerment.

After having operated out of leased facilities since inception in 2002, Ashesi has relocated in 2011 in an entirely new physical campus in Berekuso, 15 miles outside of Accra. As part of its ongoing expansion program, Ashesi is seeking to raise $31.9 million to build additional facilities and expand capacity. The expansion includes the construction of a research and learning center, a student hostel, a student center, a sport center and an innovation center. Ashesi is seeking IFC financial support to help with delivering on its expansion plan.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity

Development Impact

Expand access to education: The proposed Project will allow Ashesi to grow capacity and provide education to more than 1,200 students towards 2020 (of which 20% from other countries in the region). Promoting quality tertiary education in Ghana: By supporting Ashesi, IFC can make a meaningful contribution to the quality agenda for Ghana Higher Education and, more broadly, to that of the West African region as Ashesi is a quality provider of educational services in Ghana. Increase affordability to education: Ashesi offers tuition grants to part of its students to promote diversity and inclusiveness. This provides the opportunity to access quality tertiary education for those who would have otherwise not be able to afford it. The proposed Project will allow Ashesi to expand capacity and in turn allow more students to benefit from such tuition grant. Employability: As Ashesi focuses on developing industry and job demanding majors, the proposed Project is expected to improve employability in Ghana and Sub-Saharan Africa. More than 90% of Ashesi graduates are placed in jobs or graduate programs within three months of graduation and over 90% of them work in Africa.

Access to capital: Ashesi has growing demand for its tertiary education services and is therefore expanding accordingly. IFC will provide long term debt funding to Ashesi which is not easily accessible for tertiary education projects in the Ghanaian market. In addition, IFC will provide financing to Ashesi as faster alternative to philanthropic funding. IFC global network & knowledge: IFC will facilitate introduction to key stakeholders and provide global education sector knowledge and expertise as relevant to Ashesi as the University looks to gain regional and international exposure in line with its student recruitment objective of 20% of foreign students. Environmental & Social Standards: IFC will provide support and guidance on environmental and social performance standards to be implemented and maintained. Green Building: Ashesi will receive support from IFC Green Building team to implement energy efficiency solutions for the construction plan.

E&S Category Rationale / Risks and Mitigation

This project have the potential to lead to key social, environmental, health and safety impacts such as; solid waste management, wastewater treatment, storm water drainage, gender, energy and water conservation, workers health and safety or life and fire safety.
The issues and impacts that were identified as part of the due diligence process can however be addressed through known and accepted procedures and technologies to avoid or mitigate social and environmental impacts. Given the information provided, this project has been classified as a Category B according to IFC’s Policy on Environmental and Social Sustainability because potential adverse environmental or social risks and/or impacts are limited, few in numbers, site-specific, largely reversible and readily addressed through mitigating measures.

Contacts

For Inquiries About the Project, Contact

Ashesi University College
Patrick G. Awuah, Jr.
Founder and President
+233(302)610-330
pawuah@ashesi.edu.gh
1 University Avenue, Berekuso, PMB CT3, Cantonments, Accra, Ghana
http://www.ashesi.edu.gh/

For Inquiries and Comments About IFC, Contact

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IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Point of Contact: Ebenezer Gwumah Buckman

Title: Special Assistant to the President and Assoc. Director of Eternal Relations

Telephone Number: +233(302)610-330

Email: egbuckman@ashesi.edu.gh

Mailing Address:

1 University Avenue, Berekuso

PMB CT3, Cantonments

Accra, Ghana

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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